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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 29, 2020
Discontinued Operations And Disposal Groups [Abstract] |
Schedule of Components of Discontinued Operations | The following table summarizes the results of Mobility operations for each period prior to sale:
|  | Quarter Ended |  |  | Two Quarters Ended |
|  | June 29, |  |  | July 1, |  |  | June 29, |  |  | July 1, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (In thousands, except per share data) |
Net sales |  | $ | 30,777 |  |  | $ | 106,161 |  |  | $ | 143,951 |  |  | $ | 189,916 |
Cost of goods sold |  |  | 28,375 |  |  |  | 114,394 |  |  |  | 136,800 |  |  |  | 208,290 |
Gross profit |  |  | 2,402 |  |  |  | (8,233 | ) |  |  | 7,151 |  |  |  | (18,374 | )
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling and marketing |  |  | 285 |  |  |  | 969 |  |  |  | 1,461 |  |  |  | 2,310 |
General and administrative |  |  | 1,007 |  |  |  | 2,272 |  |  |  | 2,317 |  |  |  | 2,742 |
Research and development |  |  | — |  |  |  | — |  |  |  | 147 |  |  |  | — |
Amortization of definite-lived intangibles |  |  | 134 |  |  |  | 674 |  |  |  | 809 |  |  |  | 1,348 |
Total operating expenses |  |  | 1,426 |  |  |  | 3,915 |  |  |  | 4,734 |  |  |  | 6,400 |
Operating income (loss) |  |  | 976 |  |  |  | (12,148 | ) |  |  | 2,417 |  |  |  | (24,774 | )
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | — |  |  |  | (318 | ) |  |  | (223 | ) |  |  | (871 | )
Gain on sale of the Mobility business unit |  |  | 248,863 |  |  |  | — |  |  |  | 248,863 |  |  |  | — |
Other, net |  |  | (411 | ) |  |  | 1,614 |  |  |  | 1,160 |  |  |  | 1,441 |
Total other income, net |  |  | 248,452 |  |  |  | 1,296 |  |  |  | 249,800 |  |  |  | 570 |
Income (loss) from discontinued operations before income taxes |  |  | 249,428 |  |  |  | (10,852 | ) |  |  | 252,217 |  |  |  | (24,204 | )
Income tax (provision) benefit |  |  | (65,964 | ) |  |  | 1,783 |  |  |  | (66,707 | ) |  |  | 5,645 |
Income (loss) from discontinued operations, net of income taxes |  | $ | 183,464 |  |  | $ | (9,069 | ) |  | $ | 185,510 |  |  | $ | (18,559 | )
Earnings (loss) per share from discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  | $ | 1.72 |  |  | $ | (0.09 | ) |  | $ | 1.75 |  |  | $ | (0.18 | )
Diluted earnings (loss) per share |  | $ | 1.70 |  |  | $ | (0.09 | ) |  | $ | 1.72 |  |  | $ | (0.18 | )
The following is a reconciliation of the gain recorded for the sale of the Company’s Mobility business unit (in thousands):
Net proceeds from the sale of the Mobility business unit (1) |  | $ | 567,585 |
Mobility business unit assets: |  |  |  |
Cash and cash equivalents |  |  | 12,513 |
Restricted cash |  |  | 35,412 |
Accounts receivable, net |  |  | 12 |
Contract assets |  |  | 40,072 |
Inventories |  |  | 5,642 |
Prepaid expenses and other current assets |  |  | 4,593 |
Property, plant and equipment, net |  |  | 328,648 |
Goodwill |  |  | 68,267 |
Definite-lived intangibles, net |  |  | 5,520 |
Deposits and other non-current assets |  |  | 6,291 |
Total Mobility business unit assets |  |  | 506,970 |
Mobility business unit liabilities: |  |  |  |
Accounts payable |  |  | 142,636 |
Accrued salaries, wages and benefits |  |  | 9,392 |
Other current liabilities |  |  | 11,283 |
Other long-term liabilities |  |  | 303 |
Total Mobility business unit liabilities |  |  | 163,614 |
Derecognition of foreign currency translation adjustments and unrealized losses on cash flow hedges recorded in accumulated other comprehensive loss |  |  | 26,957 |
Other transaction costs incurred as part of the sale of the Mobility business unit (2) |  |  | 2,323 |
Gain on sale of the Mobility business unit before income taxes |  | $ | 248,863 |
(1) | Net proceeds from the sale of the Mobility business unit are net of customary purchase price adjustments. As of June 29, 2020, the Company received a portion of the proceeds amounting to $253,000.
(2) | Costs directly incurred as a result of the sale of the Company’s Mobility business unit, including legal fees, professional fees, and other costs.

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